Forget About Use-it-or-Lose-it: The New $500 Carryover Rule has FSA Accounts on the Rise!

The U.S. Treasury Department issued a new ruling last fall that is rapidly increasing the popularity of flexible spending accounts (FSA) and the subsequent savings employers gain from them. This new option allows FSA participants to carryover up to $500 of unspent funds from one plan year into the next. Due to this new incentive, benefit administrators are enjoying an increase in the number of employees signing up for FSAs by almost 17%. Take advantage of the $500 Carryover Rule with BASIC, and increase savings for both you and your employees!

BASIC’s FSA administration ensures your employees receive more value from their payroll dollars while your business realizes more savings. We are determined to make reimbursement as fast and easy as possible. Our Mobile Phone App and Online Portal allow for photo claim submissions, review of balances, transactions and claim details anytime, anywhere. Furthermore, employees can eliminate the need for reimbursement by swiping BASIC’s Benefit Card for any qualified flexible spending expense.

BASIC harnesses more than just technology to administer its services; however, by providing old-fashioned customer service where we consistently pick up the phone and assist our clients and their employees. It may seem elementary, but ninety-five percent of our calls are answered in thirty seconds or less, which greatly exceeds industry standards. Our industry-certified experts are prepared to help employers and employees take advantage of the new $500 Carryover option. BASIC is ready, are you?